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シラバス - 本コースの学習内容

1
2時間で修了

Introduction

The first two lectures paint a picture of the monetary system as the essential infrastructure of a decentralized market economy. The second lecture, "The Natural Hierarchy of Money", is a kind of high-level overview of the entire course, so don't expect to fully understand it until you look back after completing the rest of the course. Nevertheless it provides essential orientation for what comes after. Lectures notes for these and subsequent lectures may be found in the very first segment of this module.

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12件のビデオ (合計124分), 2 readings
12件のビデオ
Prerequisites?7 分
What is a Bank, a Shadow Bank, a Central Bank?12 分
Central Themes13 分
Reading: Allyn Young3 分
FT: The Eurocrisis, Liquidity vs. Solvency10 分
Hierarchy of Financial Instruments9 分
Hierarchy of Financial Institutions6 分
Dynamics of the Hierarchy6 分
Discipline and Elasticity, Currency Principle and Banking Principle8 分
Hierarchy of Market Makers9 分
Managing the Hierarchy18 分
2件の学習用教材
Lecture Notes (for download)10 分
Allyn Young10 分
2
3時間で修了

Introduction, continued

The next two lectures are meant to introduce a key analytical tool, the balance sheet approach to monetary economics, that we will be using repeatedly throughout the course. As inspiration, first I provide a concrete example of how the approach works by "translating" the Allyn Young reading into the balance sheet language. I follow that with a more systematic introduction to this essential tool.

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20件のビデオ (合計130分), 1 reading, 1 quiz
20件のビデオ
Allyn Young: Money and Economic Orthodoxy9 分
National Banking System Before the Fed3 分
Civil War Finance, Bonds, and Loans8 分
Civil War Finance, Legal Tenders7 分
National Banking System, Origins6 分
National Banking System, Instability5 分
Federal Reserve System, Plan6 分
Federal Reserve System, Actual6 分
FT: Dealer of Last Resort5 分
Reading: Hyman Minsky3 分
Sources and Uses Accounts6 分
Payments: Money and Credit5 分
Payments: Discipline and Elasticity4 分
The Survival Constraint3 分
Payment Example: Money and Credit10 分
Flow of Funds Accounts10 分
The Survival Constraint, Redux2 分
Liquidity, Long and Short9 分
Financial Fragility, Flows and Stocks6 分
1件の学習用教材
Hyman Minsky10 分
1の練習問題
Introduction12 分
3
2時間で修了

Banking as a Clearing System

In the next four lectures, we build intuition by viewing banking as a payments system, in which every participant faces a daily settlement constraint (a survival constraint). From this point of view, the wholesale money market plays a key role by allowing banks to relax the discipline of a binding settlement constraint, delaying final payment by putting settlement off until a later date. The relative importance of the various money markets has changed since the 2008 crisis--Fed Funds is now less important--but the conceptual framework remains valid, indeed not only for dollar money markets but also for non-dollar money markets.

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20件のビデオ (合計125分), 1 reading, 1 quiz
20件のビデオ
One Big Bank8 分
Multiple Banks, A Challenge3 分
Reading: Charles F. Dunbar2 分
Correspondent Banking, Bilateral Balances10 分
Correspondent Banking, System Network3 分
Clearinghouse, Normal Operations8 分
Clearinghouse, Private Lender of Last Resort10 分
Central Bank Clearing4 分
Central Bank Cooperation5 分
FT: European Bank Deleveraging5 分
What are Fed Funds?5 分
Payment Settlement versus Required Reserves1 分
Payment Elasticity/Discipline, Public and Private9 分
The Function of the Fed Funds Market9 分
Payment versus Funding: An Example11 分
Brokers versus Dealers2 分
Payments Imbalances and the Fed Funds Rate7 分
Secured versus Unsecured Interbank Credit5 分
Required Reserves, Redux7 分
1件の学習用教材
Dunbar10 分
1の練習問題
Banking as a Clearing System12 分
4
3時間で修了

Banking as a Clearing System, continued

The next two lectures extend the payments system frame to non-banks by bringing in repo markets, and to the international monetary system by bringing in Eurodollar markets. Here, as in the previous two lectures, the emphasis is on settlement, and so implicitly on so-called "funding liquidity". The last three segments of the Eurodollar lecture, on the failure of two seemingly obvious arbitrage conditions, are meant to motivate the shift to market-making and "market liquidity" in the next module.

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20件のビデオ (合計131分), 1 reading, 1 quiz
20件のビデオ
Money Market Interest Rate Patterns3 分
What is Repo?3 分
Repo in Balance Sheets7 分
Comparison with Fed Funds5 分
Legal Construction of Repo9 分
Security Dealers Balance Sheet11 分
Repo, Modern Finance, and the Fed8 分
Interest Rate Spreads: Before the Crisis5 分
Interest Rate Spreads: After the Crisis8 分
FT: Ring-fencing and the Volcker Rule9 分
The Eurodollar Market in Crisis4 分
What are Eurodollars?7 分
Why is There a Eurodollar Market?4 分
Eurodollar as Global Funding Market11 分
Liquidity Challenge of Eurodollar Banks10 分
FRA as Implicit Swap of IOUs4 分
Forward Parity, Interest Rates, EH3 分
Forward Parity, Exchange Rates, UIP5 分
Forward Rates are NOT Expected Spot Rates2 分
1件の学習用教材
Bagehot10 分
1の練習問題
Banking as a Clearing System, continued12 分
5
2時間で修了

Banking as Market Making

"Market liquidity" is supplied by dealers who stand ready to absorb temporary imbalances in supply and demand by taking the imbalance onto their own balance sheets, for a price. From this point of view, banks can be considered a special kind of dealer, since they absorb imbalances in payment flows. The first lecture is meant to build intuition by using our familiar balance sheet method to make sense of how this all worked in a system much simpler than our own. The second lecture introduces a formal model of the economics of the dealer function, which we will be using throughout the rest of the course.

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16件のビデオ (合計114分), 1 reading, 1 quiz
16件のビデオ
Reading: John Hicks3 分
Bagehot's World, Wholesale Money Market7 分
Economizing on Notes: Deposits, Acceptances8 分
Managing Cash Flow: Discount, Rediscount7 分
Market Rate of Interest2 分
Central Bank and Bank Rate8 分
The Bagehot Rule, Origin of Monetary Policy4 分
Limits on Central Banking: Internal vs. External Drain10 分
FT: Asymmetric Credit Growth in Europe6 分
Market Liquidity, Dealers, and Inventories7 分
Two-Sided Dealer Basics6 分
Economics of the Dealer Function: the Treynor Model11 分
Leveraged Dealer Basics7 分
Real World Dealers7 分
Arbitrage and the Assumption of Perfect Liquidity9 分
1件の学習用教材
Hicks10 分
1の練習問題
Banking as Market Making12 分
6
2時間で修了

Banking as Market Making, continued

Here we adapt the Treynor model to banks, which we conceptualize as dealers in money, specifically term funding. Like Treynor's security dealers, banks supply market liquidity for a price. But sometimes, in a financial crisis, demand for market liquidity overwhelms supply, and that's where the central bank comes in, as dealer of last resort in money markets. And if the crisis is big enough, as 2007-2009, the central bank comes in as dealer of last resort in capital markets as well.

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16件のビデオ (合計126分), 1 reading, 1 quiz
16件のビデオ
Banks as Money Dealers, a Puzzle4 分
Security Dealers as Money Dealers, Matched and Speculative Book11 分
Adapting Treynor to Liquidity Risk6 分
Digression: Evolution of American Banking11 分
The Fed in the Fed Funds Market12 分
Return to the Initial Puzzle2 分
FT: Citibank and the SIVs5 分
The Art of Central Banking3 分
Evolution of Monetary Policy: 1951-19877 分
The Taylor Rule: 1987-20077 分
Monetary Transmission Mechanism10 分
Anatomy of a Normal Crisis8 分
Anatomy of a Serious Crisis4 分
Should the Fed Intervene or Not?8 分
The Fed as Dealer of Last Resort: 2007-200915 分
1件の学習用教材
Treynor10 分
1の練習問題
Banking as Market Making, continued12 分
7
1時間で修了

Midterm review and exam

The first twelve lectures have introduced all of the main concepts of the course. The midterm exam gives you a chance to test whether you have mastered these concepts before extending them into new areas in the second part of the course. But before you try the exam, first use the review lecture, and the questions from students, to review the main concepts.

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10件のビデオ (合計64分), 1 quiz
10件のビデオ
Inspiration: The Origin of the Fed3 分
Central Bank Operations, Normal Times7 分
Central Bank Operations, Crisis Times4 分
Settlement Risk, Payments, and Market-making4 分
Q: Standard and Subordinate Coin2 分
Q: War Finance as Financial Crisis4 分
Q: Forward Parity7 分
Q: Payments, CHIPS and Fedwire12 分
Q: Fed Balance Sheet Operations10 分
1の練習問題
Midterm20 分
8
3時間で修了

International Money and Banking

The next four lectures extend the "money view" perspective to the larger world of multiple national monies by thinking about the international monetary system as a payment system, and by thinking of banks as market makers in foreign exchange. The first lecture is introductory and conceptual, while the second builds intuition by "translating" Mundell's account of the development of the international monetary system into money view language (similar to what we did at the beginning of the course for Allyn Young's account of the development of the US monetary system).

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18件のビデオ (合計136分), 1 reading, 1 quiz
18件のビデオ
Key Currencies as a Hierarchical System8 分
What is Money? Chartalism versus Metallism8 分
Chartalism as a Theory of Money2 分
Quantity Theory of Money4 分
Purchasing Power Parity3 分
Metallism as a theory of money5 分
A Money View of International Payments, FX Dealers11 分
Chartallism, Metallism, and the Money View Compared4 分
Private and Public Money: A Hybrid System7 分
Hybridity in FX Market-making5 分
FT: Costs of Japan's Monetary Policy2 分
Reading: Robert Mundell10 分
Act 1 (1900-1933): Confrontation of the Fed with the Gold Standard11 分
Act 2 (1934-1971): Contradiction Between Keynesian National Management and the Bretton Woods Fixed Rate System14 分
The Dollar System7 分
Act 3 (1972-1999): Flexible exchange, Learning from Experience8 分
Act 4: Global Financial Crisis, Limits of Central Bank Cooperation17 分
1件の学習用教材
Mundell10 分
1の練習問題
International Money and Banking12 分
9
2時間で修了

International Money and Banking, continued

The next two lectures use the Treynor model to understand how exchange rates are determined in dealer markets. In the second, we confront directly the puzzle we observed earlier in the course, namely why uncovered interest parity (UIP) fails to hold in real world markets.

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15件のビデオ (合計126分), 1 reading, 1 quiz
15件のビデオ
International Transactions under the Gold Standard11 分
Dealer Model for Foreign Exchange10 分
Central Banking, Defense of Domestic Exchange8 分
Bank of England, Defense Against External Drain12 分
Toward a Theory of Exchange, Without the Gold Standard9 分
FT: High Frequency Trading4 分
Uncovered Interest Parity (UIP) and the Expectations Hypothesis of the Term Structure (EH)2 分
FX Dealers Under the Gold Standard, Redux5 分
Private FX Dealing System10 分
Economics of the Dealer Function, Speculative Dealer5 分
Economics of the Dealer Function, Matched-book Dealer6 分
Digression: Why do UIP and EH Fail?9 分
Central Bank as FX Dealer of Last Resort16 分
Reading: McCauley on Internationalization of Renminbi10 分
1件の学習用教材
Kindleberger10 分
1の練習問題
International Money and Banking, continued12 分
10
3時間で修了

Banking as Advance Clearing

The next four lectures extend the money view to the larger financial world of capital markets, where the price of risk is determined in dealer markets for swaps of various kinds. The first lecture is a kind of conceptual introduction, while the second translates the standard finance account of forwards and futures into money view terms, as key building block for what comes after.

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19件のビデオ (合計135分), 1 reading, 1 quiz
19件のビデオ
Bagehot's World: Separation of Money Markets and Capital Markets8 分
The New World: Integration of Money Markets and Capital Markets10 分
Funding Liquidity Versus Market Liquidity2 分
Digression: Schumpeter on Banking and Economic Development4 分
Payment Versus Funding5 分
Reading: Gurley and Shaw2 分
Financial Evolution: Indirect Finance to Direct Finance13 分
Banking Evolution: Loan-based Credit to Market-based Credit11 分
Preview: Central Banking and Shadow Banking8 分
FT: Argentina in Court to Fight Debt Ruling4 分
Banking as Advance Clearing5 分
Forwards versus Futures13 分
Forward Contracts, Fluctuations in Value and Final Cash Flow14 分
Futures Contracts, Fluctuations in Value and Daily Cash Flows6 分
Cash and Carry Arbitrage, Defined7 分
Cash and Carry Arbitrage, Explained as Liquidity Risk5 分
Cash and Carry Arbitrage, Explained as Counterparty Risk2 分
Cash and Carry Arbitrage, as a Natural Banking Business3 分
1件の学習用教材
Gurley and Shaw10 分
1の練習問題
Banking as Advance Clearing12 分
11
3時間で修了

Banking as Advance Clearing, continued

In the modern economy, the price of risk is determined in swap markets that distinguish specific forms of risk, most importantly interest rate swaps and credit default swaps. The Treynor model can be adapted to understand how the price of risk is formed in dealer markets.

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19件のビデオ (合計131分), 1 reading, 1 quiz
19件のビデオ
Reading: FOMC Report (1952)7 分
Treasury-swap Spread, a Puzzle11 分
What is a Swap?2 分
Why swap? An Example from Stigum10 分
Market Making in Swaps8 分
Money Market Swaps, Example5 分
Life in Arbitrage Land5 分
Treasury-swap Spread, Liquidity Risk or Counterparty Risk?7 分
FT: Internationalization of the Euro5 分
Credit Indices3 分
Fischer Black (1970), Risk-free Security2 分
What is a Credit Default Swap (CDS)?6 分
Corporate Bonds3 分
CDS Pricing11 分
Market Making in CDS4 分
Example: Negative Basis Trade and Liquidity Risk10 分
Example: Private backstop of Marketmaking in CDS15 分
Example: Synthetic CDO as Collateral Prepayment6 分
1件の学習用教材
FOMC10 分
1の練習問題
Banking as Advance Clearing, continued12 分
12
3時間で修了

Money in the Real World

In this final module, we bring the entire course together. These two lectures build on everything that came before, and show how all the pieces fit together into a unified whole. Specifically, the first lecture uses the conceptual apparatus of the money view to make sense of shadow banking as the quintessential form of banking for the modern financially globalized world. And the second lecture shows how the conceptual apparatus of the money view fits with standard economics view and finance view, by drawing attention to dimensions of the world from which the standard views abstract.

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17件のビデオ (合計134分), 1 reading, 1 quiz
17件のビデオ
Shadow Banking vs Traditional Banking6 分
Liquidity and Solvency Backstops7 分
Global Dimension5 分
Evolution of Modern Finance3 分
What is Shadow Banking?12 分
Backstopping the Market Makers7 分
Regulation of Systemic Risk6 分
Regulation of Collateral and Payment Flows10 分
Private Backstop and Public8 分
FT: Future of Banking4 分
Three World Views15 分
Economics View: Commodity Exchange8 分
Finance View: Risk15 分
The Education of Fischer Black4 分
Steps From the Finance View to the Money View7 分
A Money View of Economics and Finance5 分
1件の学習用教材
Shadow Banking10 分
1の練習問題
Money in the Real World12 分
13
20分で修了

Final Exam

The previous module operated in effect as a review of the entire course, so if you were able to make sense of those lectures, you are ready for the final. But maybe you first want to have a look back at the second lecture, "The Natural Hierarchy of Money", for a high-level summary of the essential concepts of the money view. For almost everybody, the money view is a new and unfamiliar way of thinking about the world, and it takes a while to get used to it. The purpose of this course is to plant the seed, by demonstrating the value of this way of thinking for making sense of real world problems. Once you are done with the final exam, the real work begins, of using the money view to make sense of whatever real world problems confront you in your own daily life.

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1 quiz
1の練習問題
Final Exam20 分
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Economics of Money and Banking からの人気レビュー

by BGJul 17th 2017

An intellectually engaging course opening a debate about how we think about markets and how we should tackle the current challenges. Accessible to non-economists. I warmly recommend it to everyone.

by AKNov 18th 2017

This course is really useful to me ... I was always interested on monetary and fiscal policies and associate mechanism in Macroeconomics and this course covers the Monetary part in good details.

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Perry G Mehrling

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Economics, Barnard College

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